On December 4th, the IPO counseling process for Qichacha Technology Co., Ltdreached a pivotal moment as it officially transitioned into the acceptance phaseThis significant development, guided by CITIC Securities, signifies a substantial step for the company toward raising capital on the public market.

Earlier this year, the Chinese government explicitly indicated its support for the financing of data companies, encouraging various social capital to flow into the data industryAmidst the ongoing release of benefits from data factor policies, there is considerable market expectation regarding Qichacha's initial public offering (IPO) on the A-share market and whether it can proceed smoothly.

Qichacha's inception story is quite illuminating, especially in the context of the "wine table market," a term used in Chinese business culture that reflects informal networking and the often murky waters of commercial interactions

In the drama "Floral Bloom," the catchphrases from a seasoned businessman, referred to as "Old Master," succinctly elaborated on the core logic of business operationsAfter meticulously analyzing competitors' capabilities, savvy entrepreneurs can gain a comprehensive understanding of themselves and their rivals, accurately assess costs versus benefits, and clarify the relationship between input and outputThis knowledge enables them to evaluate the value of commercial activities and partners.

However, for decades, the inadequacy of the commercial credit system has exacerbated issues of information asymmetry within the business realmThe malicious acquisitions, equity disputes, and corporate fraud depicted in the drama stem from insufficient awareness of a company’s foundational and operational statusHistorically, China's market economy has relied heavily on informal channels, leading to significant information asymmetry

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Since 2014, the emergence of business big data software, alongside technological advancements such as big data, digital twins, cloud computing, and AI, has heightened enterprises' focus on creditThese joint factors have gradually improved market conditions.

After years of competition and industry reshuffling, the business big data software landscape has coalesced around three major players: Qichacha, Tianyancha, and QixinbaoRecently, Qichacha entered the counseling acceptance program, marking a real stride toward public fundraisingNotably, Qichacha boasts a user base exceeding six hundred million and is valued at approximately ten billion yuan, positioning it favorably within the data factor concept stock landscape.

In September, the parent company of Qixinbao, Shanghai Hehe Information Technology Co., Ltd., successfully completed its IPO on the Star Market, setting a precedent for data factor-type enterprises

Moreover, addressing challenges such as breaking down data product homogenization, tackling data compliance issues, and enhancing technological barriers has become essential for data-intensive enterprises aiming for an IPO.

Over the past decade, China’s macroeconomy has undergone numerous fluctuationsDuring this turbulent journey, Qichacha's user base jumped from 1.8 million at inception to a staggering 600 million today, demonstrating its resilient business model amidst economic cyclesThe core of this success lies in Qichacha’s ability to provide data that assists enterprises in risk avoidance and decision-making effectiveness.

Regardless of the economic period, whether during expansions or contractions, solid cash flow remains crucial for company survivalIf a user discovers that a particular enterprise frequently becomes embroiled in lawsuits over debt issues on Qichacha, it suggests that the company's operational conditions may be dire

Similarly, widespread equity changes in a short period could indicate that actual controllers anticipate significant risks in future business activities, leading them to attempt mitigating these risks through equity dispersal and transferIn such scenarios, partners might consider focusing on cash transactions to reduce the risk of bad debts.

Therefore, it is evident that during sharp economic fluctuations, the demand for Qichacha’s services amplifiesConversely, during economic upturns, increased social investment activities correspondingly elevate inquiry demands.

Throughout the past ten years, Qichacha has steadily enhanced its market penetration through ongoing educational effortsAs a unified market is progressively established, the enhancement of responsibilities, information sharing, coordination, and incentive mechanisms within the credit supervision framework requires prolonged exploration

Simultaneously, driven by intrinsic desires for "small ventures yielding great returns" and "maximizing profits," the business behaviors inherent to society ensure ongoing demand for Qichacha's services.

With the rapid growth of the business big data industry, market participants such as small and medium enterprises progressively seek empowerment through "business data elements." Unfortunately, what previously sufficed—data "transmission" alone—now hinders progress due to homogenizationTo seize a second growth opportunity, enterprises must embrace innovation.

Qichacha's substantial advantage stems from its ten years' worth of data accumulation and extensive industry solution experiences, enabling it to outline developmental models for each company from past to presentThe blend of "historical data accumulation" and a plethora of industry-specific solutions gives Qichacha a competitive edge that newer entrants lack

Targeting 8,000 niche industries, Qichacha has developed various industry product solutionsFurthermore, the company actively explores applications of new technologies such as AIGC, big data, and blockchain to enhance the practicality of its data products.

Currently, Qichacha offers over 300 distinct product functions, with more than 200 differentiators when compared to its competitorsReports reveal that fewer than 160 companies or institutions in China have successfully registered for enterprise credit investigations, and those with a decade's worth of credit data accumulation are even rarerEntering the sector necessitates both a "license to operate" and years of accumulated enterprise credit data, with critical industry barriers related to the accumulation of data processing rules during the data governance processA data head from Qichacha remarked, "With hundreds of thousands of data processing rules in place, even the best technology still requires a source for these rules."

Qichacha does not merely "rely" on technology but assesses data precision and compliance from user and regulatory perspectives

For instance, to rectify regional data latency issues on its website, Qichacha provides multiple appeal functions via website, app, and telephone, working collaboratively with enterprises to enhance dataset timeliness and accuracyMoreover, Qichacha actively engages with regulatory bodies in terms of personal information protection, pioneering industry-wide meaningful anonymization practices, which garnered recognition as an excellent case by the Jiangsu Provincial Internet Information Office.

By positioning itself to view the industry through the lenses of both enterprises and regulators, Qichacha benefits from high user engagement and relatively low complaint ratesData from the Black Cat Complaint platform highlights that, with a complaint rate of less than 0.000633%, Qichacha stands as one of the longest-established and least-complained-of business big data software solutions, a remarkable feat given its user base of over 600 million

This low complaint rate and high user loyalty significantly surpass those of similar commercial big data software.

Between 2023 and 2024, due to Qichacha's noteworthy contributions to the big data sector and its exemplary demonstration of industry standards, the company has garnered accolades from both Jiangsu's Ministry of Industry and Information Technology and the Ministry of Industry and Information Technology itself as a model project in the big data industryAdditionally, concerning data compliance, Qichacha achieved the first-ever corporate credit data compliance export qualification approved by internet oversight authorities, plus an award for its excellence in personal information de-identification awarded by Jiangsu's cyber approval departmentSuch official recognitions position Qichacha as a prominent "business card" for data compliance in China.

Looking ahead, bolstered by continuously favorable policies and robust market demand, the growth trajectory for China's data factor enterprises is projected to sustain its rapid expansion

According to data from the Chinese government, the big data industry reached a scale of 1.57 trillion yuan in 2022, reflecting an 18% year-on-year growth, with industry profits anticipated to keep risingThe advent of various policies signals that data factor enterprises are entering a phase of rapid growth concerning their business environments aimed at enterprises (ToB).

Following the accumulation of over six hundred million users on the client front, Qichacha began to expand its enterprise services, seeking a second growth avenueAccording to Qichacha, its products for enterprises have consistently secured numerous orders from large organizations, with new offerings including the Qichacha Financial Professional Edition, a third-party risk inspection system for supply chains, and chain industry data, all aimed at deeply tapping into high-value financial and manufacturing enterprise clients.

What differentiates Qichacha from other specialized ToB data suppliers is its robust achievements in the ToC domain, forming a strong foundation for user cultivation